I’ve just been looking at the Tax Summary report and it looks interesting as a quick indication of your upcoming liability.
I had a play around with entering another income source because I have self employment and employed income and was quite excited to see that I could add my employed income. I can’t, however, deduct my tax already paid.
I think that it would be really useful to add this to the summary and surely not difficult (said as someone who can’t write a simple line of code).
Have I missed this? Or is it something that you could add to your list of requests?
Comparing sources of income and tax already paid is something which tax return software handles and isn’t in my opinion something which an accounting software should handle. There are plenty of things that could change an outcome of the tax due which quickfile couldn’t predict and it may only lead to more confusion
It could also create confusing for some combining sources of income unrelated to the busineas.
For you, it may well give a good indication of the actual tax due being self employed and employed, but for someone who may have a Ltd company, the two wouldn’t go together in the same way.
I agree that it can’t replace tax software and indeed it states at the bottom of the report that it is only indicative. I thought that it was available because my business type is sole trader and therefore I complete a self assessment return.
The summary is about Income Tax not Corporation Tax so I don’t see that your point is valid.
My point is valid because I gave an example of how someone else who uses quickfile as a Ltd Company may confuse two different types of taxes.
And you couldn’t possibly include every single type of income in to quickfile to establish even a near possible accurate tax position.
You may not understand because you have a two simple sources of income, but not everyone does. The more flexibility you add, the more prone to errors you’ll get.
Off the top of my head I can think of 10 different things which change the outcome of the tax position which is calculated on a tax return and seperate from accounting software, at what point do you decide to include or exclude all these different options and how accurate would it be if it included one but failed to include the others.
Perhaps your looking at it from your simple income point of view but being an accountant I tend to look at the bigger picture.
Thanks for the advice Paul, but I am also an accountant and I am not confused at all.
I have already said that it can’t replace tax software. From your argument, I take it that this summary should be withdrawn entirely lest it confuse us mere mortals.
I don’t see a need to carry on this debate any longer.
Would never have guessed your an accountant from your initial question if I’m honest. It’s just jot something an accountant would ask for knowing the facts. But it’s clear your not willing to understand anyone else’s view point, at least we can agree on one thing, that this is going no where.
Actually Paul, adding additional sources of income is already a feature of the summary. So your preachy and condescending reply was arguing against an existing feature. I just wanted to be able to deduct tax already paid.
I didn’t mention Corporation tax because it is an Income tax summary. You need to check your facts before wading in and trying to belittle people.
Your response to me is nothing short of rude and not how I would expect a forum member to conduct themselves.
Thank you both for your contributions to the thread. I’ve moved the original post to a new thread and have closed and removed this one from the public forum.